Bill Text: MN HF1070 | 2013-2014 | 88th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Omnibus bonding bill.
Spectrum: Slight Partisan Bill (Democrat 13-4-1)
Status: (Passed) 2013-05-24 - Secretary of State Chapter 136 [HF1070 Detail]
Download: Minnesota-2013-HF1070-Engrossed.html
Bill Title: Omnibus bonding bill.
Spectrum: Slight Partisan Bill (Democrat 13-4-1)
Status: (Passed) 2013-05-24 - Secretary of State Chapter 136 [HF1070 Detail]
Download: Minnesota-2013-HF1070-Engrossed.html
1.2relating to capital investment; appropriating money for public housing
1.3rehabilitation; authorizing bonds under the housing infrastructure bonds program;
1.4authorizing sale and issuance of state bonds;amending Minnesota Statutes 2012,
1.5section 462A.37, subdivisions 2, 4.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2012, section 462A.37, subdivision 2, is amended to read:
1.8 Subd. 2. Authorization. (a) The agency may issue up to $30,000,000 in aggregate
1.9principal amount of housing infrastructure bonds in one or more series to which the
1.10payment made under this section may be pledged.
1.11(b) The agency may issue up to $35,000,000 in aggregate principal amount of
1.12housing infrastructure bonds in one or more series to which the payment made under this
1.13section may be pledged.
1.14(c) The housing infrastructure bonds authorized in this subdivision may be issued
1.15to fund loans, on terms and conditions the agency deems appropriate, made for one or
1.16more of the following purposes:
1.17(1) to finance the costs of the construction, acquisition, and rehabilitation of
1.18supportive housing for individuals and families who are without a permanent residence;
1.19(2) to finance the costs of the acquisition and rehabilitation of foreclosed or
1.20abandoned housing to be used for affordable rental housing and the costs of new
1.21construction of rental housing on abandoned or foreclosed property where the existing
1.22structures will be demolished or removed;
1.23(3) to finance that portion of the costs of acquisition of abandoned or foreclosed
1.24property that is attributable to the land to be leased by community land trusts to low-
1.25and moderate-income homebuyers; and
2.1(4) to finance the costs of acquisition and rehabilitation of federally assisted rental
2.2housing and for the refinancing of costs of the construction, acquisition, and rehabilitation
2.3of federally assisted rental housing, including providing funds to refund, in whole or in
2.4part, outstanding bonds previously issued by the agency or another government unit to
2.5finance or refinance such costs.
2.6(b) (d) Among comparable proposals for permanent supportive housing, preference
2.7shall be given to permanent supportive housing for individuals or families who:
2.8(1) either have been without a permanent residence for at least 12 months or at
2.9least four times in the last three years; or
2.10(2) are at significant risk of lacking a permanent residence for 12 months or at least
2.11four times in the last three years.
2.12 Sec. 2. Minnesota Statutes 2012, section 462A.37, subdivision 4, is amended to read:
2.13 Subd. 4. Appropriation; payment to agency or trustee. (a) The agency must
2.14certify annually to the commissioner of management and budget the actual amount of
2.15annual debt service on each series of bonds issued under subdivision 2.
2.16(b) Each July 15, beginning in 2013 and through 2035, if any housing infrastructure
2.17bonds issued under subdivision 2, paragraph (a), remain outstanding, the commissioner of
2.18management and budget must transfer to the affordable housing bond account established
2.19under section462A.21, subdivision 33 , the amount certified under paragraph (a), not to
2.20exceed $2,200,000 annually. The amounts necessary to make the transfers are appropriated
2.21from the general fund to the commissioner of management and budget.
2.22(c) Each July 15, beginning in 2014 and through 2036, if any housing infrastructure
2.23bonds issued under subdivision 2, paragraph (b), remain outstanding, the commissioner of
2.24management and budget must transfer to the affordable housing bond account established
2.25under section 462A.21, subdivision 33, the amount certified under paragraph (a), not to
2.26exceed $....... annually. The amounts necessary to make the transfers are appropriated
2.27from the general fund to the commissioner of management and budget.
2.28(d) The agency may pledge to the payment of the housing infrastructure bonds the
2.29payments to be made by the state under this section.
2.30 Sec. 3. HOUSING FINANCE AGENCY; PUBLIC HOUSING
2.31REHABILITATION.
2.32 Subdivision 1. Appropriation. $15,000,000 is appropriated from the bond proceeds
2.33fund to the Housing Finance Agency for transfer to the housing development fund to
2.34finance the costs of rehabilitation to preserve public housing under Minnesota Statutes,
3.1section 462A.202, subdivision 3a. For purposes of this section, "public housing" means
3.2housing for low-income persons and households financed by the federal government and
3.3owned and operated by the public housing authorities and agencies formed by cities and
3.4counties. Public housing authorities receiving a public housing assessment composite
3.5score of 80 or above are eligible to receive funding. Priority must be given to proposals
3.6that maximize federal or local resources to finance the capital costs. The priority in
3.7Minnesota Statutes, section 462A.202, subdivision 3a, for projects to increase the supply
3.8of affordable housing and the restrictions of Minnesota Statutes, section 462A.202,
3.9subdivision 7, do not apply to this appropriation.
3.10 Subd. 2. Bond sale. To provide the money appropriated in this section from the
3.11bond proceeds fund, the commissioner of management and budget shall sell and issue
3.12bonds of the state in an amount up to $15,000,000 in the manner, upon the terms, and with
3.13the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
3.14Minnesota Constitution, article XI, sections 4 to 7.
3.15 Sec. 4. APPROPRIATIONS MADE ONLY ONCE.
3.16If an appropriation made in this bill is enacted more than once in the 2013 regular
3.17session, the appropriation must be given effect only once.
3.18 Sec. 5. EFFECTIVE DATE.
3.19Sections 1 to 4 are effective the day following final enactment.
1.3rehabilitation; authorizing bonds under the housing infrastructure bonds program;
1.4authorizing sale and issuance of state bonds;amending Minnesota Statutes 2012,
1.5section 462A.37, subdivisions 2, 4.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2012, section 462A.37, subdivision 2, is amended to read:
1.8 Subd. 2. Authorization. (a) The agency may issue up to $30,000,000 in aggregate
1.9principal amount of housing infrastructure bonds in one or more series to which the
1.10payment made under this section may be pledged.
1.11(b) The agency may issue up to $35,000,000 in aggregate principal amount of
1.12housing infrastructure bonds in one or more series to which the payment made under this
1.13section may be pledged.
1.14(c) The housing infrastructure bonds authorized in this subdivision may be issued
1.15to fund loans, on terms and conditions the agency deems appropriate, made for one or
1.16more of the following purposes:
1.17(1) to finance the costs of the construction, acquisition, and rehabilitation of
1.18supportive housing for individuals and families who are without a permanent residence;
1.19(2) to finance the costs of the acquisition and rehabilitation of foreclosed or
1.20abandoned housing to be used for affordable rental housing and the costs of new
1.21construction of rental housing on abandoned or foreclosed property where the existing
1.22structures will be demolished or removed;
1.23(3) to finance that portion of the costs of acquisition of abandoned or foreclosed
1.24property that is attributable to the land to be leased by community land trusts to low-
1.25and moderate-income homebuyers; and
2.1(4) to finance the costs of acquisition and rehabilitation of federally assisted rental
2.2housing and for the refinancing of costs of the construction, acquisition, and rehabilitation
2.3of federally assisted rental housing, including providing funds to refund, in whole or in
2.4part, outstanding bonds previously issued by the agency or another government unit to
2.5finance or refinance such costs.
2.6
2.7shall be given to permanent supportive housing for individuals or families who:
2.8(1) either have been without a permanent residence for at least 12 months or at
2.9least four times in the last three years; or
2.10(2) are at significant risk of lacking a permanent residence for 12 months or at least
2.11four times in the last three years.
2.12 Sec. 2. Minnesota Statutes 2012, section 462A.37, subdivision 4, is amended to read:
2.13 Subd. 4. Appropriation; payment to agency or trustee. (a) The agency must
2.14certify annually to the commissioner of management and budget the actual amount of
2.15annual debt service on each series of bonds issued under subdivision 2.
2.16(b) Each July 15, beginning in 2013 and through 2035, if any housing infrastructure
2.17bonds issued under subdivision 2, paragraph (a), remain outstanding, the commissioner of
2.18management and budget must transfer to the affordable housing bond account established
2.19under section
2.20exceed $2,200,000 annually. The amounts necessary to make the transfers are appropriated
2.21from the general fund to the commissioner of management and budget.
2.22(c) Each July 15, beginning in 2014 and through 2036, if any housing infrastructure
2.23bonds issued under subdivision 2, paragraph (b), remain outstanding, the commissioner of
2.24management and budget must transfer to the affordable housing bond account established
2.25under section 462A.21, subdivision 33, the amount certified under paragraph (a), not to
2.26exceed $....... annually. The amounts necessary to make the transfers are appropriated
2.27from the general fund to the commissioner of management and budget.
2.28(d) The agency may pledge to the payment of the housing infrastructure bonds the
2.29payments to be made by the state under this section.
2.30 Sec. 3. HOUSING FINANCE AGENCY; PUBLIC HOUSING
2.31REHABILITATION.
2.32 Subdivision 1. Appropriation. $15,000,000 is appropriated from the bond proceeds
2.33fund to the Housing Finance Agency for transfer to the housing development fund to
2.34finance the costs of rehabilitation to preserve public housing under Minnesota Statutes,
3.1section 462A.202, subdivision 3a. For purposes of this section, "public housing" means
3.2housing for low-income persons and households financed by the federal government and
3.3owned and operated by the public housing authorities and agencies formed by cities and
3.4counties. Public housing authorities receiving a public housing assessment composite
3.5score of 80 or above are eligible to receive funding. Priority must be given to proposals
3.6that maximize federal or local resources to finance the capital costs. The priority in
3.7Minnesota Statutes, section 462A.202, subdivision 3a, for projects to increase the supply
3.8of affordable housing and the restrictions of Minnesota Statutes, section 462A.202,
3.9subdivision 7, do not apply to this appropriation.
3.10 Subd. 2. Bond sale. To provide the money appropriated in this section from the
3.11bond proceeds fund, the commissioner of management and budget shall sell and issue
3.12bonds of the state in an amount up to $15,000,000 in the manner, upon the terms, and with
3.13the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
3.14Minnesota Constitution, article XI, sections 4 to 7.
3.15 Sec. 4. APPROPRIATIONS MADE ONLY ONCE.
3.16If an appropriation made in this bill is enacted more than once in the 2013 regular
3.17session, the appropriation must be given effect only once.
3.18 Sec. 5. EFFECTIVE DATE.
3.19Sections 1 to 4 are effective the day following final enactment.
